New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-19
MONEY AND BUSINESS.

About SIS, SOC, 900 gold has come into this
port from Europe since August 1, and over
$40, 100000 has been paid by the Treasury
for bonds, and yet the banks Of New-fork
have lost IS, 100000 Of their reserve. The
conundrum puzzles the Street only because
men refuse to see what is before their eyes,
that the Treasury is absorbing large amounts
of money, and that the cxigcncies OF building
and speculation at the West and south and on
the Pacific coast arc absorbing even larger
amounts. In July gold imports were
81, 700, OOO the Treasury paid ont Sl,S00.00O
more than it took in. and the banks Of New
York gained S3.2OOOOO. Since July the gold.
silver and legal tenders actually held by the
Treasury in excess Of its certificates outstand
ing have changed as follows:
No, sse S'y 81 Aa:H.' n S:gts%Sc "a u
Ne, sisiF iSs 5sssS ss9sss sSs;
r.t.l........ s27s.sssi7C sZs4.7e22is $3.50 iooo5t
This shows actual absorption by the Treas
ury of SO, 100000 in August. and S4,36S.65o
thus far in September, notwithstanding the
purchases Of bonds. The banks hold
SIS, 7OS, 700 less than they held at the end Of
july though the imports of gold at this port
alone have been $l5.475.O25 since August l.
has gone out of New York that is not held
by the Treasury at any or all points. The
Treasury has absorbed $40, sos. but Of the
money here July 80 or since received from
Europe, the West and South have absorbed
S13,418,OOO. This surprises nobody who
looks squarcly at facts and realizes how enor-
nous were the losses in grain speculation last
summer, how vast arc the sums absorbed in
building houses and railroads, new towns and
new manufacturing centres. and how much
money is absorbed in wild real estate specu-
ation. The West and South had many
millions more money in circulation and in
banks than usual when the season began, but
imitation Of money always makes u demand
for vastly moro than exists, and so the needs
OF the West and South for ordinary CONNER
cial purposes are found not less but greater
than usual.
During the past week the Treasury has
actually increased its holdings Of cash
SO, 300, 900, Notwithstanding the purchase of
bonds. The money paid out docs not appear
in bank returns, TO the immense astOnishmcnt
Of some people. But what reason was there
TO suppose, when Mr.. Flood or the Nevada
Bank wanted to sell sundry millions of bends,
that the proceeds would be left lying in New
York? Tho statement that it was all sent
to San Francisco by express IN gold ccrtiii-
Gates docs not consist with official reports that
Ss7 OF. O27 gold certificates were outstanding
on Wednesday before the bonds were pur-
chased, and Ss7 ,O06.497 on Saturday the gold
in the Treasury having meanwhile increased.
But the transfer might have been made in
many other ways without disturbing Treasury
balances for some days. Meanwhile the outgo
of money to NewOrleans and to some Western
points continues large, and the Treasury at
last has over $50, OOOO 900 silver certificates
outstanding.
foreign commerce Is changing for the
letter. as respects monetary demands. imports
for tho past three weeks being 1914 per cent
below, while exports since September l arc
only l.S per cent below those Of last year.
The increase in value Of exports of bread
stufis, provisions, cattle, cotton and oil in
August was 20.l per cent, while the imports
al New-YorLx incrcaccd In that v,nnfh IN